02-21-2009 10:15 PM
02-22-2009 08:00 PM
02-22-2009 08:32 PM
02-24-2009 05:50 AM
What is your rush to get involved in some heavy debt, especially for an Infiniti? There are people who make (or made) 3 times of what you probably make and are now struggling because of the economy and tighter lending restrictions.
If you need a car that badly, get one for a few grand and for 3 years. By the time you pay that off AND have established great credit, you can get that Infiniti at the terms you're looking for now.
A car should be treated as a means to an end (getting you from point-a to point-b), not as a status symbol.
02-24-2009 06:36 AM
While length of history is huge, the fact that you have 'maxed out' your credit card is also HUGE (generally 30 to 90 points alone). If you cut that balance-to-credit ratio down to less than 50% there'll be a jump, and less than 30% or so will also see another jump, and then an additional jump at 10% or so (the 50% mark is pretty much exactly 50%; the other percentages are ballparks).
My ENTIRE credit history is less than 3 years old, but my scores are nearing 800 each now, and the ONLY negative thing on my reports is "Length of Credit History", which is huge and seems to impact my scores by about 50 points a year so far (650+ first year; 700+ second; 750+ the third, etc.). This track record is also based on the fact that I've never been late nor missed any payment ever. Last year I also saw my 730 score drop to 655 when my credit card balance went from about $5,000 to about $17,000 (out of a card limit of $30,000).
Despite a fairly tight debt-to-income ratio, just a few months ago I bought an 08 Ford Explorer and got 5.5% interest on it, with ZERO down, despite the economic climate we're in probably because of my relatively high FICO scores.
I think the order of things that will help you the most are:
1) Get credit card balances on reports (1 to 2 month delays reaching reports from actual balance changes) down to under 10% of each individual card's limit, and under 10 to 15% total debt to total credit sums.
2) Pay a 1/3 down payment, keep the rest of your money.
3) Wait: the longer you wait the more your scores will rebound from inquiries (likely at 18 even your initial credit cards are on your reports as inquiries), and the better your length of history will affect your score.
And, yeah, as others have said, and I'll say (and please don't take this as disrespectful), you may want to reconsider really hard just how important it is in your life to have a luxury car versus something practical. Unlike the others, I'd not suggest a used car. But you could get a very nice smaller or more basic car, brand-new. I'd always recommend buying brand new cars. At the low-end you can get a very functional and cost-effective Toyota Yaris hatchback for $14k brand-new with warranty/support. Be careful with leases if you drive around much (the mileage limits are deadly).
Oh, and with regard to insurance, I do remember that hurting bad but even though it's going to hurt worse: consider strongly the advantages of higher than state minimum liability coverages. I'm a very cautious person and have gone so far as the "1 million dollar umbrella policy" on top of the 300/500/100 liability coverages, but in this day and age just ONE wrong careless accident that puts someone in the hospital for anything serious and even the insurance I have might barely cover their hospital bills (which can easily be thousands of dollars PER DAY, and sometimes 10's of thousands per day, and with serious accidents they might be admitted for months). That would forever change the rest of your entire life you'd spend paying that debt.
/end lecture LOL.
02-24-2009 06:41 AM
I would try joining a credit union if you're not already a member of one. They don't really look at as much as other lenders and banks when it comes to car loan approval. I would also suggest subcribing and reading the following newsletter by Stephen Snyder https://www.lifeafterbankruptcy.com/newsubscribe.h
Even if you don't have a bankruptcy his credit advice is worth more than gold!! I have followed his advice for the past 5 years, and I have a previous bankruptcy and have gotten credit cards, personal lns and a new SUV. I was even approved for a mortgage. Good Luck!
02-24-2009 06:56 AM - edited 02-24-2009 09:25 AM
If you cannot get a conventional auto loan, you can try getting a loan from lending club. It's p2p lending that has helped many people who cannot get loans from banks or choose to borrow from regular people than from banks. Just an option if you cannot find another route. I believe lenders who sign up get a $50 bonus through my link. Lend as little as 25 to get the bonus and borrow what you need for getting a car.
PM me is you want the link.
Edited to remove personal identifying information.
02-24-2009 10:05 AM
02-24-2009 10:28 AM
02-24-2009 11:00 AM
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